1. The Real Estate Institute of Australia
16 Thesiger Court Deakin ACT 2600
02 6282 4277 I www.reia.com.au
Media Release
Wednesday 21 September 2011
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REIA welcomes Treasury comments on stamp duties
The Real Estate Institute of Australia (REIA) has welcomed the comments made by the Secretary
of the Treasury, Dr Martin Parkinson, that there needs to be a move to abolish state-based real
estate stamp duties.
Mr Parkinson identified stamp duties as the biggest drag on productivity and a tax which inhibits
economic adjustment.
“The REIA has long advocated reform of state property taxes,” said REIA Acting President, Ms
Pamela Bennet.
“State based stamp duties are inequitable, inefficient and an unstable source of revenue for state
governments,” Ms Bennett said.
Stamp duties represent additional costs to property transactions, discouraging turnover of housing
and distorting choices between renting and buying and between moving house and renovating,”
she continued.
Abolition of stamp duties would not only improve mobility but also improve social and economic
development.
Ms Bennett went on to say, “The abolition of all state stamp duties and replacement with more
efficient taxes will improve household consumption, a measure of economic wellbeing, by around 2
per cent.”
“The REIA will be taking this position to the Tax Forum in October and will be seeking a
commitment from the State and Commonwealth Governments to take an agreed and coordinated
approach to an agenda for reform,” conclude Ms Bennett.
The Real Estate Institute of Australia (REIA) is the national professional association for the
real estate agents in Australia. For further information or interview opportunities, please
contact:
Pamela Bennett REIA Acting President 0412 212 313
Amanda Lynch REIA CEO 0419 123 862
Rhiannon McClelland REIA Manager Communications 0421 422 919